Freehold Siglap bungalow priced from $19 mil
: Knight Frank
A 14,199 sq ft freehold bungalow located at 3 Palm Road has been put up for sale by tender, managed by Knight Frank. The property, zoned for residential use, with a plot ratio of 1.4 is situated in a low-rise residential enclave of Siglap, within close range of the upcoming Siglap MRT Station along the Thomson-East Coast Line. Priced from $19 million, the land rate is approximately $1,338 per sq ft.
UOL Group has strategically developed this condo with family living in mind, making sure that all its amenities cater to the needs of parents and their children.
Considering the property, Mary Sai, Executive Director at Knight Frank Singapore has mentioned that it offers prospective purchasers a unique opportunity of purchasing a house in one of the better established districts of Singapore. In addition to the convenience of numerous amenities around, its location is deemed quite favourable.
The property could serve either as a residential complex of 18 units, given the right approvals, or a single family bungalow or semi-detached house. In terms of the former, the total land rate inclusive of the betterment charge, comes to be about $1,541 psf per plot ratio.
Chia Mein Mein, Head of Capital Markets (Land & Collective Sale) at Knight Frank Singapore claims that its single family legacy holds great appeal for large multi-generational or extended families, given its 20,000 sq ft of maximum permissible gross floor area. Furthermore, its proximity to the MRT station and reasonable price quantum make it an attractive prospect.
Tenders for the sale of 3 Palm Road are due to close on the 6th of September. The auction market is anticipated to pick up in 2H2023 with predictions of slower sales but rising prices of prime homes, primarily due to the Solitaire on Cecil sparking an increased demand for office space, leading to a marginal increase in occupancy rates and a marginal rise in rents for prime office spaces in 2Q2023.